The Tax Chick Podcast Amanda Doucette

The countdown is on... only a few days left to the end of the Canadian personal income tax season!  If you have already filed your return, but not yet received your notice of assessment, have you received a letter from CRA asking for more information?
In the last couple of days, a number of my clients have reached out for help after receiving letters from the "Preassessment Review" section of CRA.  If you receive one of these letters, do not panic!  When your tax return is e-filed, supporting documentation is not included in the tax filing.  As a result, sometimes CRA likes to "check in" before issuing an assessment to double check that the numbers in your tax return can be supported by documentation.
In this episode, I explain the preassessment review process, and give some tips on how to respond to CRA!
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
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You asked for it... an episode on the 2024 Federal Budget geared towards non-tax practitioners!  I fully intended to make this a mini-episode, but there was just SO MUCH to discuss, that I ended up talking for over 30 minutes - I hand-picked a few of the key changes to discuss, but if there are other items you would like me to address in a future episode, please let me know!
In this episode, I cover:
History of the Federal Budget and why it matters - including why I call it the "Oscars" for tax professionals, and my plea to get a golden ticket to be part of the budget lockdown (3:52)Capital gains - what are they, how are they taxed, and what are the proposed changes? (12:35)What is the lifetime capital gains exemption, and how did it change? (27:30)Tax Litigation hot topics, including the proposed expansion to s. 160 of the Act, "notice of non-compliance" and the new ability to request documentation/information under oath. (29:32)RESOURCES DISCUSSED IN THIS EPISODE:
History of the Federal Budget: https://www.macleans.ca/economy/economicanalysis/a-brief-history-of-canadian-federal-budgetsFederal Budget 2024: https://budget.canada.ca/2024/home-accueil-en.html?utm_campaign=fin-fin-budget-24-25&utm_medium=webfeat&utm_source=canada-ca#pdf Video Tax News (reporting from Budget lockdown!): https://www.videotax.com/web-tips-articles/federal-budget-2024-is-now-released-here-are-eight-key-considerations-for-accountants-and-small-business-advisors HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

UPDATE:  March 28, 2024 (1:15 p.m.)CRA just released an update on bare trust filing requirements, and has advised that CRA will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2023 tax year, unless the CRA makes a direct request for those filings.
The full notice can be found at this link: https://www.canada.ca/en/revenue-agency/news/newsroom/tax-tips/tax-tips-2024/bare-trusts-exempt-from-trust-reporting-requirements-2023.html?utm_source=Master+Email+List&utm_campaign=1c6ce21145-N2N_PT_2024_LAUNCH_COPY_01&utm_medium=email&utm_term=0_-9f60340710-%5BLIST_EMAIL_ID%5D
~ ~ ~The new trust reporting rules... the latest "gift" from the Federal Ministry of Finance... :)  Tune in to Part 3 of this short series of mini-episodes on trusts to learn a little bit about the new trust reporting rules, and when they apply.   If you have a family trust, or if you have co-signed a mortgage, or added someone to title to property for the purposes of avoiding probate, you should probably listen to this episode, as the new rules will likely apply to you!
- What are the new rules and why are you being asked for additional information? (0:58) - Express trusts (3:10)- Exceptions to the rules (5:00)- Penalties (6:27)- What does this mean for trusts? (7:25)- Bare trusts (8:25)
RESOURCES DISCUSSED ON THIS EPISODE:
New reporting requirements for trusts (CRA Website) Financial Post Article by Allan LanthierAdvotax Blog Post - Basic Guide on Bare Trusts for Canadian Taxpayers HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

This is Part 2 of the mini-episodes on all things trusts!  If you have mastered the basics, check out this episode for a discussion of some more advanced topics including:
- Adding or Removing Beneficiaries (1:20)- Alter Ego and Joint Spousal Trusts (4:05)- Family law implications (9:13) - Corporate association issues (11:40)- Ongoing maintenance (13:40)
ADDITIONAL RESOURCES DISCUSSED ON THIS EPISODE:
CRA Views Document: 9209655CRA Views Document: 2008-0281411I7CRA Views Document: 2001-0111303CRA Views Document: 2012-0451791E5HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

Have you noticed that everyone seems to be talking about trusts these days???  Seemed like an appropriate time to release a few mini-episodes on the topic. 
If you are looking for some foundational information on trusts, check out this episode.  I cover topics like:
- What is a trust? (2:02)- The three certainties (4:40)- Reasons why a trust may be used (6:15)- Who are the parties to a trust? (9:30)- What are the different types of beneficiaries? (11:15)- How are trusts taxed? (12:47)
And check out the next couple episodes to continue your "trust" journey!
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP" 

Season 5!!! How did that happen?  Check out this mini-episode for a brief trip down memory lane on the history of this podcast, a sneak preview of what is coming for this season, and a life update.
HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:
My website! Email: thetaxchickpodcast@gmail.com@tax.chick (IG) LinkedInBe a "Tax Chick VIP"